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. a record settlement but no prosecution at global banking giant hsbc. admits it failed to stop money laundering by mexican drug cartels and terrorism financiers. [ male announcer ] red lobster's crabfest ends soon. hurry in and try five succulent entrees, like our tender snow crab paired with savory garlic shrimp. just $12.99. come into red lobster and sea food differently. and introducing 7 lunch choices for just $7.99. >>> this is where high finance and street crime intersect could be a problem on your street as well. talking about the banking giant hsbc, europe's largest, have to pay $2 billion to settle investigation by u.s. prosecutors who are looking into international drug money laundering. investigators say the bank ignored rules that could have stopped this laundering operation, that the money went to drug cartels and terrorists. jim bolden is joining us london. what happened? >> reporter: well, suzanne, this is interesting. all of these banks have been fined by the u.s. government over last few years but hsbc, by far, the biggest. this fine, as you say, $1.9 billion. the go
. >> europe's biggest bank, you heard about this, hsbc agreed to pony up close to $2 billion to settle accusations of money laundering. the senate banking committee they found that hsbc in mexico shipped $7 billion in cash, mind you, across the border, maybe turned a blind eye to where the money came from, want you to listen to neil barofsky, we had him on the show yesterday, and i asked him whether top bank officials knew they were handling drug money there. >> the notion that this wasn't something that was known on senior levels of the banks, at least they had plenty of reason to suspect that this was ongoing and, look, i think somebody described it as the biggest slap on the wrist in the history of banking fines. >> stuart gulliver receiving the big wrist slap in terms of bank fines. told me 2 billion bucks, that was chump change and it shows that crime pays. what do you think? >> i think any big bank, anybody in charge of the bank, bears responsibility for the conduct of the bank. hsbc is a famously tightly run bank. obviously the people at the top had to know something was amiss.
was afraid to claim it next year because of the fiscal cliff and there might be higher taxes. >>> hsbc is about to pay up the biggest penalty ever imposed on the banks. mandy drury is here. mandy, the british banking giant going to pay a whopping $1.9 billion. what, they're making this money laundering probe go away? >> it's very interesting decision, actual ily, what came out of this, chris, because given the extent of evidence against hhbc, they are see ing there is the better of two evils. maybe you can call it a healthy compromise between a settlement and also a much harsher money laundering indictment. obviously this might hurt the bank's reputation but hopefully not a whole lot more than that because at the end of the day a harsher indictment would have sparked concerns that criminal charges could jeopardize what is one of the world's largest banks and therefore destabilize the global financial system. i guess you could call this maybe a case of has it become too big to indict. instead it just got the record $1.92 billion settlement. >> a big star is making a deal apparently with
market news, a lot of talk about china this morning. a final reading of hsbc's manufacturing purchasing manager's survey for china rising in november, first time above the key 50 mark which indicates expanding rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the question of the so-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens
reuters which follows these things and keeps track of them. we're talking, you know, latest deal hsbc $9.4 billion sale. 15.6% stake in insurance group to thailand based investor group but we're talking about cross border when we talk about china don't forget. we focus so often on u.s. and u.s. companies. the chinese may not be doing a lot of investing for various reasons including political considerations, but they are investing around the world aggressively when it comes to resources. no deal more reflective of that than the one we are waiting for, investors in takeover space are waiting for approval if it does, i'm talking about cnooc's. we'll see if that deal is going to occur. many expect that it will. that seems to be where it is. one never knows on these important issues but again another deal, important deal adding to that very large total for m&m out of china. >> something to watch going into 2013. >>> whirlpool has had the fourth best performance on the s&p 500 so far this year. we'll talk to the ceo about his plan to expand in the united states coming up in the next hour. >>>
will further dent profit growth this year. and hsbc reportedly might pay a fine of $1.8 billion as part of a settlement with u.s. law enforcement agencies. the settlement could be announced as soon as next week and has to do with money laundering lapses. the deal could be a test case for just how big a signal prosecutors want to send to halt the list of flows of money through u.s. banks. but that was billion with a b. let's get a check on the markets this morning. after the moves we saw yesterday, the dow up triple digits at one point. that the poebts you can see that the futures are indicated higher once again after it closed up about 85. in europe, right now at least there are some green arrows. best performer among those three indexes is the dax in germany. up 75. you also see gains with the cac in france and the ftse in london. in asia overnight, you did see slight drop by the hang seng and shanghai, those were big gainers the day before. and in japan, the nikkei up by 0.8%, kospi up 1%. oil prices this morning are trading up about 28 cents, 88.16. the ten year note this morning is
of the big corporate news and this one is actually a global corporate story. >> hsbc. we're talking about paying $1.9 billion in the money lawnering lapses. a brirchb lender admitting to a breakdown of controls, in a statement announcing a deferred payment. yesterday standard chartered agreed to pay $27 million agreeing that it violates sanctions against iran and two other international companies. >> if you're an international bank and you prael without getting into this kind of trouble? >> no. >> can you actually operate without money laundering? >> i'm just saying, if you're going to be in business in all these types of markets, isn't this going to happen? >> aren't there sxwier countries that would be probably -- that it would stead if you don't want any business tale. >> was there a fascination in this country about whether you want to indict the whole institution or what happens systemically. >> is this your sequel? >> i was on the phone last night. one of the two publishers that are left. we have other news on wall street this morning, morgan stanley said to be considering asking th
. but it adds -- and then you've got all the stuff you were bringing up, hsbc, you've got the high frequency trading. you got the flash crash. you got the idea that it's not an even playing field. >> and then when interest rates are 1% or 2% people feel like no one knows what they should do. >> to what end? i think a big part of it is you have to step back and say what's the bigger picture? what's the concern? a lot of people feel like the system is rigged. so that, you know, one of the things that was interesting to me at e-trade was watching the evolution of self-directed to a need for guidance. sort of some level of guided advice. >> do you believe the -- do you believe that the retail investor has a fair shot? against the institutional investor? >> no. no. i do not. >> i do not. i think that at the end of the day to level the playing field, there are certain products and services that you can buy self-directed. >> shouldn't we be trying to level the playing field? >> of course. of course. >> but the answer is it's never going to be fair -- >> the same information as an institution -- >>
Search Results 0 to 7 of about 8

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